American Media is buying the money-hemorrhaging US edition of OK!, the company announced today.

The magazine had been put on the block by the Northern & Shell Group, the British company headed by media magnate Richard Desmond.

Terms of the deal were not disclosed.

OK!’s US edition lost about $24.5 million last year, or about $470,000 a week.

The cumulative losses since Desmond introduced the American edition is believed to be $218 million — or, sources said, the worst magazine loss in US publishing history.

Despite the dire straits for celebrity mags in the US, American Media CEO David Pecker said it was a good deal for his company, which owns the National Enquirer, Star and Radar Online.

“OK! magazine is a very important strategic acquisition for AMI as it increases our market share in newsstand unit sales from 30 percent to 36 percent,” Pecker said in a statement. OK! also has been averaging 2.9 million unique visitors a month online, he said.

Layoffs are expected to accompany the acquisition. OK! will move from its current location on lower Fifth Avenue into the new AMI offices at 4 New York Plaza.

OK! officials could not be reached for comment.